Meridian Capital Arranges $107.7M Loan for Refinancing of 55 Broadway Office Building
NEW YORK CITY — Meridian Capital has arranged a $107.7 million senior loan for the refinancing of 55 Broadway, a 32-story office building in Manhattan’s Financial District. The 356,059-square-foot building was 89 percent leased at the time of the loan closing to tenants such as The Kingdom of Morocco, Bank of Communications, Syscom and Assurant Inc. As part of the recapitalization, the borrower, Harbor Group International, also received a future funding component of up to $8.4 million for leasing costs. In addition, an undisclosed capital source invested new equity in the property to retire Paramount Group Inc.’s preferred equity and to fund costs associated with significant recent leasing activity at the building. Ronnie Levine and Ben Jacobs of Meridian Capital Group arranged the financing through an undisclosed life insurance company.